Latest News | AU Small Finance Bank Shares Close with Nearly 4 Pc Gain on Fund Raising
Get latest articles and stories on Latest News at LatestLY. The stock of AU Small Finance Bank closed the day with a jump of nearly 4 per cent on Tuesday after the company said it has raised Rs 625.50 crore by issuing shares to a set of investors through qualified institutional placement (QIP).
New Delhi, Mar 16 (PTI) The stock of AU Small Finance Bank closed the day with a jump of nearly 4 per cent on Tuesday after the company said it has raised Rs 625.50 crore by issuing shares to a set of investors through qualified institutional placement (QIP).
Shares of the company closed at Rs 1,230.05, climbing 3.60 per cent on the BSE. During the day, the scrip gained 4.27 per cent to Rs 1,238.05.
On the NSE, scrip rose by 3.40 per cent to close at Rs 1,229.
The bank has completed the allotment of equity shares under QIP and has successfully raised Rs 625.5 crore through the issuance of 50,00,000 equity shares at an issue price of Rs 1,251 per share, the bank said in a regulatory filing on Monday.
The issue was launched on March 9, with a floor price of Rs 1,181.06 apiece.
The QIP witnessed strong reception from both domestic and international institutional investors and the QIP was subscribed by sovereign wealth funds, large foreign portfolio investors, life insurance companies and domestic mutual funds, AU Small Finance Bank said.
AU Bank intends to use the net proceeds for supporting long-term growth aligned to the bank's internal risk appetite, to maintain sufficient headroom over and above the regulatory capital adequacy requirements; and for general corporate requirements or any other purposes, it said.
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